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Mortgage TermThis is the length of time (in years) over which you would like to repay your mortgage. The minimum term for most lenders is 5 years. Many people take their first mortgage over 25 years. Ideally, you should aim to have repaid your mortgage by the time you retire. If you are using an existing savings plan or insurance policy in connection with your mortgage, such as endowment policy, the term selected should match the remaining term on your policy. |
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